Akumin closes acquisitions for seven clinics in Florida
May 06, 2021
May 3, 2021 – Plantation, FL – Akumin Inc. (NASDAQ/TSX: AKU) (“Akumin” or the “Corporation”) announced today it has closed its previously announced transaction, effective May 1, 2021, acquiring six freestanding, fixed-site outpatient diagnostic imaging clinics located in Florida. The acquisitions have an aggregate purchase price of $39 million based on an EBITDA multiple of 5.15x, without consideration of any post-acquisition synergies, subject to customary purchase price adjustments. $3.9 million, or 10%, of the aggregate purchase price was paid in common shares of Akumin based on price of $4.00 per common share.
In addition, also on May 1, 2021, Akumin closed a tuck-in acquisition for a single clinic in South Florida, bringing the total number of centers acquired to seven.
“We are very excited to have re-commenced our acquisition growth strategy,” said Riadh Zine, President and Chief Executive Officer of Akumin. “With these acquisitions we now have 79 operating clinics in Florida and a total of 134 sites across our network in 7 states.”
Akumin is a leading provider of freestanding, fixed-site outpatient diagnostic imaging services in the United States with a network of owned and/or operated imaging centers located in Florida, Texas, Pennsylvania, Delaware, Illinois, Kansas and Georgia. By combining our clinical expertise with the latest advances in technology and information systems, our centers provide physicians with imaging capabilities to facilitate the diagnosis and treatment of diseases and disorders and may reduce unnecessary invasive procedures, minimizing the cost and amount of care for patients. Our imaging procedures include MRI, CT, positron emission tomography (PET), ultrasound, diagnostic radiology (X-ray), mammography, and other interventional procedures.